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A prenuptial agreement is a legal agreement between spouses that regulates their financial relationships and property rights during the marriage and in the event of a divorce or death. In this article, you will find information about what a prenuptial agreement is, why it makes sense to have one, what can be regulated and how it should be created.
Regulatory framework
The rules on prenuptial agreements are set out in Chapter 9 of the Marriage Act - Agreements on property arrangements, etc. This chapter contains rules on what can be agreed between the spouses and how this can be done.
What is a prenuptial agreement?
When you get married, the main rule is equal division. This means that the somewhat simplified starting point is that what you own and later acquire should be divided equally between the spouses in the event of both divorce and death. Therefore, it doesn't matter who owns the item, account or house as long as it hasn't been decided that it shouldn't be divided equally.
If spouses do not want assets to be divided equally in the event of divorce or death, this must be agreed in writing in the form of a marriage contract. This is the only way to ensure exemption from equal division, unless you have a claim for unequal division under section 59 of the Marriage Act.
It is important to realise that assets brought into the marriage by one of the spouses can be excluded from the division (partition). Nonetheless, there is a requirement that the value that was brought into the marriage must be clearly proven to originate from assets that were just brought in. If the item/value is no longer intact, or if the value has been exchanged or mixed up, it will be difficult to make a claim for equitable division.
Why should you have a prenuptial agreement?
There are several reasons to consider creating a prenuptial agreement, to name a few:
- Protection of property: Property that is brought into the marriage, or property that is later acquired with the intention of it being owned in different parts, can be secured through a prenuptial agreement to be divided as you wish.
- Protection of assets brought into the marriage: The prenuptial agreement can help ensure that assets that each spouse brought into the marriage remain their separate property in the event of a divorce. It should then not be divided.
- Financial predictability: It provides clarity and predictability regarding financial matters, and how assets and debts will be divided in the event of a divorce/death.
- Customised solution: The prenuptial agreement allows spouses to customise their financial circumstances according to their needs, regardless of the standard rules of law.
- Protection of descendants: The prenuptial agreement can help protect the rights of children from previous marriages or relationships.
What can be regulated in a prenuptial agreement?
A prenuptial agreement can regulate a number of financial aspects of the marriage, including:
- Assets and debts: How the spouses' assets and debts will be handled during the marriage and in the event of a divorce. Separate property can be determined.
- Inheritance and inheritance laws: The distribution of inheritance must be included in a will. However, the establishment of any separate property will have an impact on the testator's assets and thus have an impact on an inheritance settlement.
- Business ownership: How business interests and shares should be treated in the marriage and in the event of a divorce.
How to create a prenuptial agreement?
A prenuptial agreement must be made in the form of a marriage contract. You can find forms that fulfil the requirements on the Brønnøysund Register website.
A prenuptial agreement must be concluded in writing in the presence of two witnesses. There are requirements for the witnesses and their signatures. Therefore, not just anyone can testify.
To ensure creditor protection, the marriage contract must be registered.
How can we help you in this process?
Our law firm is dedicated to helping our clients protect their financial interests and ensure a secure and predictable future. With our expertise in family and inheritance law, we can help you create a prenuptial agreement that meets your needs and wishes and fulfils the requirements of the law.
Let us help you navigate through the process of creating a prenuptial agreement.
We act as witnesses and help you with the process of registering your marriage, thereby ensuring that the marriage contract is validly created.
Contact our law office today for a consultation.
Contact person
Monica Melgård
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